States, hackers agree: Laws of war must apply in cyberspace

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There are laws of war. With the aim of defending citizens and reducing suffering, international humanitarian law governs what soldiers are permitted to do and are not allowed to.

The 19th and 20th centuries saw the development of the majority of these rules. The realm of cyberattacks, modern campaigns, and online information operations, however, has emerged in our era as a new kind of field. All of these have played a bigger part in the current Israel-Has issue as well as Russia’s war in Ukraine.

The idea that cyberspace is a violent wild west persists. This is completely untrue. Existing laws of war are clearly applicable online, according to a distinct global consensus.

Three major advancements in this area have occurred over the past month. The term” civililian hackers” has started to gain popularity. Governments, tech firms, and others are advised to move forward in accordance with a recent global philanthropic report. And for the first day, the International Criminal Court has indicated that it views cyber-warfare as falling under its purview.

Guidelines for hacktivists

A set of guidelines for” civililian hackers” during war were put forth on October 4 by two advisers to the International Committee of the Red Cross. Do not carry out any cyberoperations against health and humanitarian services, and when planning a cyberattack against military targets, take all reasonable precautions to prevent or lessen the effects your activity may have on civilians.

Proof of online attacks disrupting banks, businesses, pharmacies, hospitals, rail networks, and civil government services served as the authors’ inspiration.

Along with” real – earth” military operations, computer, online, and data procedures have become more widely used during Russia’s war in Ukraine. Human organizations that are not formally affiliated with the government conduct a lot of operations.

These actions aren’t particularly impressive. However, it was never our understanding that a catastrophic cyberattack was essential to Russia’s use of offensive cyber in their military doctrine, according to Jeremy Fleming, former head of Government Communications Headquarters ( GCHQ ), the electronic spy agency of the United Kingdom. then misinterprets how cyber affects military campaigns.

Not that we haven’t witnessed computer in this fight, though. We have a ton of it.

Something unusual occurred following the publication of the suggested guidelines for civilian hackers.

The Russian-affiliated Killnet and the Russian IT Army are two of the biggest hacktivist organizations positively fighting in Ukraine on opposing sides. Both groups’ representatives pledged to uphold the rules to the British Broadcasting Corporation.

threats from modern weapons during armed conflict

The laws of war in internet must be followed by more than just actors in Ukraine and hacktivist organizations.

The final statement from the International Committee of the Red Cross’s world advisory board on online threats during military conflicts was released on October 18.

Two years of work have culminated in the document. The board is made up of a diversified group of political professionals, including myself, the United States, Russia, China, South Africa, Mexico, India, and Australia.

We worked on the” global consensus that all aspects of war and all types of arms, whether new or old, electronic or physical ,” must adhere to the established principles and rules of[ international humanitarian law ].

The statement includes 25 action-oriented recommendations for belligerents, states, technology companies, and charitable organizations to protect civilians from online threats.

The United Nations has acknowledged since 2013 that what says do in cyberspace is subject to current global legislation.

The application of the laws of war to digital operations was directly acknowledged by Russia, China, the US, Australia, and every other nation in the UN in 2021.

The ICRC, whose goal is to” reduce suffering by promoting and strengthening humanitarian law and universal humanitarian principles ,” has repeatedly stated this, including in the information mentioned above.

The International Criminal Court weighs in

Of course, following the rules doesn’t stop careless players from breaking them. The next important advancement then enters the picture.

The International Criminal Court’s prosecutor, Karim A. Khan, announced that the jury had start” collecting and reviewing” proof of cyber-warfare in September. Additionally, it may look at” using the Internet to spread hate speech and misinformation, which may encourage or even directly contribute to the onset of atrocities.”

The ICC has never explicitly stated that online abuse and cyberwarfare fall under its purview. This serves as a warning to governments, forces, tech firms, and hacktivists that their actions in internet are not without consequence.

All parties would do well to consider that the laws of cyber-war are apparent as the war in Ukraine dragged on and conflict between Israel and Hamas intensified( including rising reports of cybercrime ).

International humanitarian law applies to bombs or pixels, weapons, or malware.

This content has been republished with a Creative Commons license from The Conversation. read the article in its entirety.

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US orders immediate halt to some AI chip exports to China, Nvidia says

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NVIDIA HGX AI Supercomputer on display during the Hon Hai Technology Day (HHTD23) in Taipei, Taiwan, 18 October 2023.EPA-EFE/REX/Shutterstock
By Peter Hoskins
Business reporter

Tech giant Nvidia says the US has told it to stop shipping some of its advanced artificial intelligence chips to China immediately.

The restrictions were supposed to be introduced 30 days from 17 October.

That was when President Joe Biden’s administration announced measures to block countries, including China, Iran and Russia, from buying high-end AI chips designed by Nvidia and others.

Nvidia did not say why the timeline had been moved forward.

In a statement to the US Securities and Exchange Commission (SEC), Nvidia said the US government said these curbs were “effective immediately”, but added that “given the strength of demand for the Company’s products worldwide, the Company does not anticipate that the accelerated timing of the licensing requirements will have a near-term meaningful impact on its financial results”.

The new restrictions bar exports of Nvidia’s advanced AI chips, which had been designed for the Chinese market to comply with earlier export regulations.

The acceleration of the introduction of the US curbs is the latest move in the ongoing technology dispute between Washington and Beijing.

Chinese authorities have yet to publicly comment on Nvidia’s announcement, but it hit back at the Biden administration’s decision to impose new restrictions on advanced chip exports when it was announced last week.

The country’s foreign ministry said the curbs “violate the principles of the market economy and fair competition”.

The move was seen as an attempt to close loopholes that became apparent after an initial wave of chip controls last October.

At the time, the US said the measures were designed to prevent China from receiving cutting-edge technologies that it could use to strengthen its military, especially in the field of AI.

Soaring demand for Nvidia’s AI chips has pushed up its share price more than threefold, making it one of the most valuable companies in the world.

In May the firm joined technology giants Apple, Amazon, Alphabet and Microsoft in the elite club of companies with stock market valuations of more than $1 trillion (£822bn).

California-based Nvidia has come to dominate the market for chips used in AI systems.

Chip giant Advanced Micro Devices (AMD), which also supplies AI chips to China, has not made any announcement about the accelerated export curbs. It did not immediately respond to a BBC request for comment.

The US Department of Commerce declined to comment on Nvidia’s statement when contacted by the BBC.

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UN official accuses Israel of genocide, ethnic cleansing

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Italian lawyer Francesca Albanese, the UN special rapporteur on human rights in the Palestinian territories, charged Israel with” genocide” and” ethnic cleansing” in Gaza while only passingly criticizing the widespread atrocities committed by Hamas. The comments were made by her last week at the Washington National Press Club.

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During an Arab Center event on October 18, 2023 at the National Press Club in Washington, Francesca Albanese, the UN special rapporteur on human rights in the occupied Palestinian territories of the West Bank and Gaza, speaks to Capitol Intelligence / CI MENA about her statement on Israeli genocide and ethnic cleansing in Gaza.

The fact that Hamas killed more than 1,300 residents and kidnapped about 203 Israelis on a single day was the deadliest for Jews since the Holocaust appeared to be ignored by Albanese.

Albanese said Israel’s continued retaliation for the October 7 slaughter is legally been defined as murder, citing legal scholars and appearing to agree with them.

” A number of reputable academics have now issued a warning about the possibility of murder. Murderous claims have been made throughout the year, and she said to the market at the Press Club,” I took notice of that because I was really alarmed by the increased levels of linguistic violence, dehumanizing violence because we have seen it somewhere and we all know what it means.

Albanese denied being accused of murder when questioned by a reporter, but she did repeat that Israel practices ethnic purging by driving Palestinians from their houses and ancient land.

She even asserted during her statement that Israel’s reaction to the ISIS-like attack on civilians is out of proportion.

Otherwise, Albanese claimed that Israel’s Operation Iron Swords response to Hamas violated” all foreign norms.”

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On October 18, 2023, Francesca Albanese of the UN made divisive remarks at the National Press Club in Washington.

She also criticized European countries for putting down pro-Palestinian demonstrations despite the fact that the majority of established democracies officially recognize the Hamas as a criminal business.

While speaking at the National Press Club, Albanese also stated that she supported the show by Israeli Voice for Peace, a leftist organization founded by Noam Chomsky that ended up occupying the Cannon House Office Building in Washington improperly.

The Boycott, Divestment, and Sanction ( BDS ) movement against Israeli / Palestine investment is supported by Jewish Voice for Peace. Its most well-known champion is Roger Waters, a former member of Pink Floyd.

She added that the 2.3 million people who live in the region, which is almost the size of Washington, DC, considered Israel’s decision to impose a total blockade of the Gaza Strip to be the equivalent of” intentional starvation” and that it constitutes” a crime against humanity.”

Surprisingly, she also asserted that 18-year-old Israeli military soldiers are raised not to view Palestinians as people and that Israel’s” brutal” reaction to Hamas runs in the family.

The dehumanization of Palestinians in Jewish culture and textbooks has been studied by a great author. And she contends that when an Israeli 18-year-old wears a dress and travels to the West Bank and the Gaza frontier, this crucial factor facilitates the disconnect. Not always does he or she view kids. She claimed that because they were raised believing that Palestinians were the opponent, they wanted to kill and destroy them all.

” I do believe we need to acknowledge that is connected to the Jewish and Jewish people who have endured decades of persecution. There is a concern that nearly runs in the family, and this does not explain what is going on in Gaza. She asserted that those who are not physically present in the situation must be able to offer advice, remain grounded in knowledge, and receive fair treatment.

In fact, the difficult nature of the job makes Israeli military soldiers detest being assigned to frontier duty in Gaza and the West Bank. In the wealthy defense products, optimistic Israelis compete for jobs where they are unlikely to interact directly with Palestinians or Jewish inhabitants.

Despite the fact that there haven’t been any new national elections since 2005, American diplomats and Palestinians themselves criticized Albanese for failing to distinguish between the circumstances in Gaza and the West Bank, which is governed by an elected government.

” Gaza is a judicial dictatorship ruled by Hamas since 2007″ An Israeli-Arab corporate attorney in Tel Aviv who wanted to remain anonymous out of concern for retaliation from extremists said,” They have complete control and allow no objection.”

calling for Albanese to be removed

The southern Italian lawyer’s discrimination against Israel, according to the Israeli government, makes her inadequate to carry out her duties to describe genuine and alleged human right in the West Bank and Gaza.

Albanese’s statements are wholly undesirable on all levels, according to Jacques Pitteloud, the ambassador of Switzerland to the United States, and nothing” justifies this kind of violent attack” and” one may throw the atrocities of Hamas and action by Israel on the same level.”

Pitteloud also pointed out that Switzerland is where the Geneva Conventions, a pact that served as the cornerstone of international humanitarian law and established the rules of battle, were created and preserved.

Pitteloud’s remarks are significant not only for Swiss independence but also as the host nation for the High Commission of Human Rights of the United Nations, the Geneva-based organization that writes Albanese the paycheck.

The UN does not” comment on the job of independent experts such as Ms Albanese ,” according to Farhan Aziz Haq, assistant official for UN Secretary General Antonio Guterres. It appears that the UN is cutting ties with Albanese people.

Albanese’s planned speech to the National Press Club in Canberra as part of a fundraiser hosted by the Australian Palestine Advocacy Network( APAN ), with tickets selling for between A$ 60 and A$ 120( US$ 38 -$ 76 ) per pop, has sparked protest in the Jewish community of Australia.

The Arab Center, a Washington think-thank on Middle East issues, hosted Albanese’s dinner statement on October 18 for free. Among the attendees was staff member of Democratic senator Shri Thanedar.

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Big banks linked to products with pangolin and leopard parts

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A stock image of a leopard.shabby pictures
authored by Alex Binley
NBC News

According to a statement, major international banks are investing in businesses that make traditional Chinese medicines with tiger and animal components.

Both species are considered to be in danger.

Nine products that the Environmental Investigation Authority ( EIA ) claims contain leopard or pangolin are being invested in by 62 banks and financial institutions.

The businesses in question have been contacted by the BBC for opinion.

Global investment firms like The Goldman Sachs, UBS, Deutsche Bank, and BlackRock, as well as UK financial services behemoths like HSBC, Prudential, Legal & amp, General, are among the companies.

Lions and animals are in danger, so it is likely that they will go extinct in the near future. In an effort to ensure that their success in the wild is not in danger, both are also listed on the Mentions( Convention on International Trade in Endangered Species of Wild Fauna and Flora ) treaty, which forbids foreign corporate industry in them and their parts.

The three medical firms that are highlighted in the EIA review are Jilin Aodong Pharmaceutical Group, Tianjin Pharmaceutical party, and Tong Ren Tang Group.

Although not all of the businesses listed in the EIA review make investments in all three, they all make at least one.

Leopard bone is used as a tiger bone substitute in traditional Chinese medicine( TCM ). Tiger tooth is thought to help eliminate breeze, strengthen bones and limbs, and relieve pain. Pangolin weights are rumored to improve nursing, blood circulation, and chronic pain relief. Medical evidence does not support these assertions.

Following the report’s release, EIA Legal & amp, Policy Specialist Avinash Basker urged the Chinese government to” fulfill CITES recommendations and forbid the use of leopard, pangolin, tiger, and rhino body parts from all sources for all commercial purposes in its domestic markets.”

” The international community’s CITES tips to protect these types are disregarded when highly threatened animals like leopards, pangolin, elephant, and tigers are used in conventional medicine products.” This is apply on a truly professional scale, which can only bring these species ever-closer to extinction while instantly sending contradictory messages to consumers, increasing demand for their parts and derivatives, and tarnishing TCM’s reputation around the world, he claimed.

A stock image of a pangolin.

shabby pictures

He continued,” It’s especially disheartening to see so many significant banks and financial institutions actually supporting this harmful using, especially given how many have vowed to do otherwise.” ” They need to withdraw from TCM producers using threatened species as soon as possible if their environmental credentials are to have any trust.”

The lion or anteater derivatives were not being sourced, according to the EIA, which claimed it was unable to do so.

” No a direct investment and does not have direct exposure to these organizations ,” according to HSBC in an interview. It also states that HSBC Global Asset Management Canada responded to the EIA statement by saying that its” opportunities in the TCM businesses were limited to passive or” sensor” money rather than actively managed funds.” This implies that funds are immediately invested in stocks based on a linked indicator that they track, such as the FTSE 100.

According to Deutsche Bank, the report is focused on property managers and was directed to DWS, an property management firm that was formerly a part of DB but is now on its own.

According to a statement from DWS, it has” different ESG-related ] environmental, social, and governance” policies that offer instructions on how to incorporate the information from the environment into our investment processes, engagement, or proxy voting activities, where we combine our voting rights for active and passive funds.

There are no positively managed DWS money invested in any of these three manufacturers nationally, according to the statement.

According to Legal & amp, General Investment Management” manages many funds against various index providers to meet a wide range of client demands.”

According to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Service( IPBES ), which covers the exploitation of wild species,” LGIM is aware that one of the key drivers of nature-loss” is” natural resource use and” exploitation ,” the company said.

In order to address these IPBES owners, we are creating a” nature model” that integrates and discloses high-quality, consistent, location-specific data that relates to business behavior in relation to these important nature-related issues.

BlackRock opted not to say anything.

For reply, the BBC has contacted UBS, Tong Ren Tang, Tianjin Pharmaceutical Group, and Jilin Aodong Pharma Group.

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MTL aims to go from strength to strength

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The insurance company wants to be the most dependable life and health companion in the nation, according to chief executive Sara Lamsam.

MTL aims to go from strength to strength
Mr. Sara thinks that favorable conditions may help the nation’s life insurance industry grow.

The success of Muang Thai Life Assurance ( MTL ), one of Thailand’s most well-known life insurance companies, is largely due to Sara Lamsam.

  • Best Director in Management and Innovation Excellence
  • Muang Thai Life Assurance Plc’s president and CEO is Sara Lamsam.

The 54-year-old president and chief executive officer has played a crucial role in outlining and putting into practice organization strategies that have fueled MTL’s steady progress for ages, supported by 30 years of experience within the Lamsam home in the life insurance sector.

The company’s delivery of a variety of cutting-edge products and services has been largely responsible for its exceptional performance and ability to garner plaudits.

This time, MTL declared its intention to establish itself as a life insurance company that stands out in terms of its merchandise offerings. It will do this by using online systems to connect with different customer groups and continue to dominate the life insurance sector in the nation.

MTL’s items are now available to consumers through both conventional and new distribution channels. In order to enhance innovations in relation to its goods, services, and management procedures, the company founded the Fuchsia innovation center. The center serves as an illustration of how MTL works with other businesses to create products that appeal to various customer parties, especially those who want something special.

After more than 800,000 people downloaded the app, MTL Click, which was created to give consumers access to all of the company’s service in one place, won the Business Product Innovation Award 2023 in May.

The employer introduced MTL Fit, an app to help create people’s medical hassle-free, two months prior. For discounts of up to 15 % on insurance premiums, it provides dynamic pricing through an” MTL Fit Reward” feature.

The business teamed up with Line BK next month to provide a cutting-edge life insurance product for lower-income customers and consultants. Through Line Pay, these organizations can quickly access information and give a small fee for life insurance protection.

According to Mr. Sara, MTL is able to meet the needs of every type of lifestyle at various stages of life by providing products and services that are simple to understand and equipped with technology for the ease and accessibility of customers. This makes it possible for MTL to connect with customers who are more specifically targeted.

Such a tactic aids the business in growing its clientele while core products like health insurance, critical illness insurance coverage, unit linked-insurance, and pension insurance continue to grow successfully, supporting MTL’s ability to expand regularly and walk out in the life insurance industry.

Under the guise of” MTL Next to You ,” Mr. Sara declared his intention for MTL to emerge as the nation’s most dependable life and health partner and a market leader by providing innovative health insurance coverage and wealth management.

He emphasized the idea of life insurance products that take an” inside in” approach to meeting consumer demands. In order to satisfy the needs of clients who prefer self-service or company with a human contact, the company uses this strategy to provide services with new innovations through both online and non-digital systems.

According to Mr. Sara, the life insurance industry has changed because businesses now need to consider an” in out” aspect when providing comprehensive insurance.

The world of life insurance today is about being” personalized” or” outside in” to serve customers. Big data and technology are essential success tools for now because it’s crucial to find products that satisfy consumer needs.

According to him, using information systems to create insurance plans through online and offline channels is a plan that keeps customers happy, makes MTL profitable, and causes its operating results to increase even in times of crises.

With full coverage rates reaching 300 billion ringgit, up 3.78 % from the corresponding period last year, the life insurance industry as a whole continued to expand in the first half of this year. Premiums are expected to increase by 0 to 2 % year over year, from 613 billion to 624 billion ringgit, for the entire time.

Insurance rates increased by 14.4 % year over year to 29.9 billion baht in the first five weeks, outperforming the market as a whole. In total, new insurance premiums made up 10.5 billion baht, an increase of 13.8 % year over year, and insurance renewal premium numbers increased by 14.8 % to 19.4 billion.

As chairman of the Thai Life Assurance Association, Mr. Sara thinks that as people learn more about the value of life insurance and more health or critical illness insurance policies, positive elements will support the expansion of that sector. The healthcare industry has grown so far this year as a result of rising medical costs and confusion regarding the spread of emerging diseases like Covid-19.

In comparison to the size of the Thai population, life insurance policies have an average of 38 %, and the value of this sector currently makes up about 3.8 % of GDP. Life insurance companies may reach a larger audience in some nations and can add up to 15 % to GDP.

Given that so many people are still not covered by insurance items, Thailand’s life insurance industry also has a lot of room to expand.

Additionally, the life insurance system invests 95 % of its money in stocks, bonds, and debt instruments. This implies a link between the healthcare industry and the national habitat.

Chairman of the Bangkok Post for 2023

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Celebrating visionaries and inspirational leaders

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Celebrating visionaries and inspirational leaders

Once again, the halls of the Bangkok Post resonate with the thrill of honouring brilliance and innovation within the corporate sphere. In our steadfast commitment to recognising exceptional leadership, we take immense pride in presenting the “Bangkok Post CEO of the Year 2023” awards.

Building upon our tradition of acknowledging trailblazers who have reshaped industries and ignited change, this year’s awards pay homage and extend applause to chief executive officers and top leaders for their unwavering guidance, transforming ordinary companies into beacons of success, progress and inspiration.

The awards encompass a diverse array of categories, each representing a facet of the dynamic business world. From visionary strategies to transformative leadership, these accolades spotlight not only corporate triumphs but also the remarkable contributions these leaders have made to society and the economy at large.

As we venture into a new era with 14 distinctive awards, each winner’s captivating story will be told, illuminating why they have captured the public’s imagination and admiration. Their narratives, achievements, innovative strategies and contributions that propel their organisations into the future will be spotlighted in the days ahead.

To mark the “CEO of the Year 2023” announcement, the Bangkok Post is from today launching a series about awarded CEOs on every working day, showcasing their achievements, business strategies, and inspirational visions both in the print edition and on our website.

PTTEP LOOKS TO A MORE SUSTAINABLE FUTURE

CEO Montri Rawanchaikul understands the economic necessity for secure sources of energy, but vows that the firm will always keep the environment in mind

Mr Montri has been a driving force at PTTEP, leading initiatives to reduce carbon dioxide emissions and pave the way for sustainable approaches.

Chief Executive Officer Montri Rawanchaikul believes one key mission for PTT Exploration and Production Plc (PTTEP) is to devise ways to reduce the impact of its businesses on the environment, particularly by reducing the company’s carbon dioxide emissions.

Mr Montri said he is aware the company needs to continue to secure enough fuel to support the Thai economy, but this effort should not ignore the cost to the environment.

As someone who sets policies and strategic plans for PTTEP, Mr Montri has helped the company promote projects to cut carbon dioxide emissions, seek new alternative energies and pave the way to operate in a more sustainable manner.

One such project is developing Thailand’s first carbon capture and storage (CCS) facility at the Arthit gas field in the Gulf of Thailand, one of several efforts aimed at helping the government curb carbon dioxide emissions in the country.

The CCS project fits with the company’s campaign against global warming and the environmental, social and corporate governance (ESG) principles, which promote business development and taking better care of the environment and society, said Mr Montri.

ESG refers to a set of standards that are said to be able to lead to business sustainability.

“We expect the CCS project to store up to 1 million tonnes of carbon dioxide during gas production at Arthit within 2027,” said Mr Montri.

The company has already completed the preliminary front-end engineering and design phase of the project. It expects the CCS facility to start operating by 2027.

The Gulf of Thailand offers great potential to store carbon dioxide, amounting to roughly 40 million tonnes a year, because, geographically, the terrain is a sink area, which is suitable for the storage of carbon dioxide.

PTTEP is also cooperating with five companies from France and South Korea to produce green hydrogen in Oman, said Mr Montri.

Green hydrogen, which is used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.

This project shows the company is not solely focused on the exploration and production of petroleum, as it is also seeking new opportunities to develop future energy.

Under a contract made with Hydrom Oman SPC, which operates under the government of Oman, PTTEP and its partners were awarded a 47-year concession to produce green hydrogen at Block Z1-02 in Dugm in eastern Oman.

The production facility, to be run by 5 gigawatts of solar and wind power, is expected to open in 2030, with an estimated 220,000 tonnes of hydrogen produced annually.

These two projects indicate PTTEP is focusing more on the environmental aspects of its businesses, which will, in turn, partly help the government to run a campaign to combat global warming successfully.

At the 26th UN Climate Change Conference held in Glasgow in 2021, Thailand announced it is determined to achieve carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, along with a net-zero target, a balance between greenhouse gas emissions and absorption, by 2065.

PTTEP also has its own plan under — EP Net-Zero 2050 — concept, which aims to achieve a net-zero target by 2050.

“The CCS and green hydrogen projects will support PTTEP’s environmental efforts, driving Thailand and the world at large towards a low-carbon society,” said Mr Montri.

Greater care for the environment will be a crucial part of PTTEP’s work in the future.

“The company will go on expanding its investment in natural gas production, but at the same time, it will also incorporate the greenhouse gas emission issue in the decision-making process of new gas projects,” said Mr Montri.

National energy security is important to fuel the growth of the country’s economy, but its development must be sustainable, which will be achieved through better environmental management, he said.

MTL aims to go from strength to strength

Chief executive Sara Lamsam’s vision is for the insurer to become the country’s most trusted life and health partner

Mr Sara believes positive factors will support the growth of the country’s life insurance industry.

Sara Lamsam is the driving force behind the success of Muang Thai Life Assurance (MTL), one of Thailand’s most prominent life insurance companies.

Backed by 30 years of experience within the Lamsam family in the life insurance industry, the 54-year-old president and chief executive officer has played an integral role in outlining and implementing business strategies that have driven MTL’s steady growth for decades.

A key strategy that led to the company’s outstanding performance and its ability to win accolades has been MTL’s provision of a range of innovative products and services.

MTL this year announced its goal of becoming a life insurer that stands out in terms of its product offerings via online platforms to reach various groups of customers and maintain a leadership position in the country’s life insurance industry.

Consumers can now access MTL’s products via both traditional and new distribution channels. The company established the Fuchsia innovation centre under a “think out of the box” concept to strengthen innovations in relation to its products, services, and management processes. The centre is an example of MTL’s collaborations in the form of business alliances to develop products that serve different groups of customers, particularly those requiring a unique product.

MTL Click, an application developed to allow customers to access all of the company’s services in one location, received the Business+ Product Innovation Award 2023 in May after over 800,000 individuals downloaded the app.

Two months earlier, the insurer launched MTL Fit, an app to help make people’s healthcare hassle-free. It offers dynamic pricing under an “MTL Fit Reward” feature for discounts of up to 15% on insurance premiums.

Last month, the company joined hands with Line BK to offer an innovative life insurance product for lower-income consumers and freelancers. These groups can easily access information and pay a small amount for life insurance protection via Line Pay.

Mr Sara said offering products and services that are easy to understand and equipped with innovation for the convenience and accessibility of customers enables MTL to meet the needs of every kind of lifestyle at different stages of life. That, in turn, enables MTL to be connected with more targeted customers.

Such a strategy helps the company expand its customer base while core products such as health coverage, critical illness coverage, unit linked-insurance, and pension insurance continue to expand well, supporting MTL’s ability to grow continuously and stand out in the life insurance sector.

Mr Sara, early this year, announced his vision for MTL to become the country’s most trusted life and health partner and become a market leader as the “health provider” of innovation in terms of health insurance coverage and wealth management under the concept of “MTL Next to You”.

He emphasised the concept of life insurance products that meet the needs of consumers through an “outside in” perspective. Using this strategy, the company offers services with new innovations through both digital and non-digital systems to meet the needs of customers who prefer either self-service or service with a human touch.

“The life insurance business today has changed the way of thinking as companies cannot only rely on an ‘inside out’ dimension in offering insurance coverage,” said Mr Sara.

“Nowadays, the world of life insurance is about personalised or ‘outside in’ to serve customers. Finding products that meet customer needs is very important, so big data and innovation is a key success tool for today.”

Using information systems to develop insurance plans via online and offline channels is a strategy that keeps customers satisfied, making MTL successful and its operating results grow even in times of crisis, he said.

The life insurance industry overall continued to grow in this year’s first half, with total insurance premiums reaching 300 billion baht, up 3.78% compared to the corresponding period last year. For the entire year, premiums are projected to grow 0-2% year-on-year to 613 billion to 624 billion baht.

In the first five months, MTL recorded higher growth than the overall market, with insurance premiums surging 14.4% year-on-year to 29.9 billion baht. Of the total, new insurance premiums accounted for 10.5 billion baht, up 13.8% year-on-year, and insurance renewal premiums soared 14.8% to 19.4 billion baht.

In his capacity as president of the Thai Life Assurance Association, Mr Sara believes that positive factors will support the growth of the country’s life insurance industry as people become more aware of the importance of life insurance and additional health or critical illness insurance policies. The trend of increasing medical expenses and uncertainty regarding the spread of emerging diseases such as Covid-19 have driven the growth of the insurance industry so far this year.

Life insurance policies, relative to the size of the Thai population, average 38%, while the value of the life insurance industry contributes roughly 3.8% to GDP at present. In some countries, life insurance companies can reach a larger number of people and can contribute up to 15% to GDP.

The life insurance business in Thailand still has plenty of room to grow, as many people are yet to be covered by insurance products.

Moreover, 95% of the funds in the life insurance system are invested in debt instruments, government bonds, and stocks. This suggests that the insurance business is connected to the country’s ecosystem.

HSBC Thailand taps global connectivity

The bank will continue to support its clients in growing and diversifying their investments in offshore markets, said Mr Gamba.

HSBC Thailand is leveraging its global connectivity and investment expertise to help both Thai and international clients grow their businesses worldwide, while maintaining a long-term commitment to expanding the bank’s business in the Thai market.

The bank aims to establish itself as the leading international bank in Thailand for outbound business, supporting the expansion of large Thai corporations regionally and globally.

“Globalisation is the bank’s superpower in connecting our clients to new business opportunities within Asean and beyond,” said HSBC Thailand’s Chief Executive Officer Giorgio Gamba.

In the wealth space, HSBC Thailand has been actively enhancing its capabilities in Thailand to better serve the country’s high-net-worth individuals and their families.

The bank will continue to support its clients in growing and diversifying their investments in offshore markets.

HSBC Thailand launched its onshore asset management business in September 2022 after introducing private banking business to the country in February 2021, and the bank has been able to grow the business segment satisfactorily, he said.

Foreign direct investment (FDI) has been growing in various countries and industries in the region, including Thailand. Japan accounts for one-third of Thailand’s inbound FDI.

China ranked second in terms of FDI last year and will play an increasingly important role in investment as many of that country’s companies are relocating their manufacturing bases to Thailand.

Thailand has attracted FDI in several industries, but especially agriculture, hospitality, healthcare, and manufacturing, particularly EV production and the automotive-related supply chain.

In addition, HSBC Thailand aims to continue to be the leader when it comes to inbound international business in the Thai market.

The bank earned its leadership position based on the growth potential of both the Thai and regional economies.

Meanwhile, Asean continues to be the world’s fastest-growing trade bloc, offering significant wealth and trade opportunities for businesses and investors alike.

“Thailand is a country where we see tremendous potential to grow and expand our business, so we have ambitious growth plans here,” Mr Gamba said.

HSBC Thailand announced an impressive performance in 2022, with revenue growing 28% and profit growing 55% year-on-year, representing a record high over a 10-year period. Strong relationships with customers, employees and the wider community are key to achieving these remarkable rates of growth.

Moreover, the bank will continue to invest in people, digital infrastructure as well as other resources to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.

In response to local business expansion, HSBC Thailand has completed a capital increase, in line with the nation’s economic growth, he said.

HSBC’s country strategy was developed in parallel with Thailand’s national development plan.

With global networks and a high level of investment expertise, international connectivity is the bank’s key business strategy in supporting corporate clients investing and expanding worldwide.

The bank focuses on helping customers expand businesses in the world’s key economic corridors, where HSBC has an active presence, notably in China, the US, Europe, Asean, and the Middle East.

The bank supports Thai clients in growing their businesses in 42 countries.

HSBC Thailand has set out an ambitious plan to prioritise sustainable financing and investment that supports the transition to a net zero global economy, said Mr Gamba.

The bank also encourages Thai clients to strategise their portfolios and raise capital for renewable investment.

The bank committed to providing US$1 trillion of sustainable finance and investments by 2030 after achieving $211 billion in 2022.

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HSBC Thailand taps global connectivity

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While maintaining a long-term commitment to growing the company’s business in the Thai business, HSBC Thailand is utilizing its global communication and investment experience to assist both Thai and international customers in growing their businesses globally.

According to Mr. Gamba, the lender may keep assisting its customers in expanding and diversifying their onshore market investments.

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  • Giorgio Gamba, HSBC Thailand’s Chief Executive Officer

The institution seeks to become Thailand’s top global bank for outbound business by assisting the growth of sizable Thai corporations both locally and internationally.

According to Chief Executive Officer Giorgio Gamba of HSBC Thailand,” Globalization is the company’s power in connecting our clients to new business prospects within Asean and past.”

In order to better serve the nation’s high-net-worth people and their people, HSBC Thailand has been constantly improving its functions there.

The bank may keep assisting its clients in expanding and diversifying their onshore market investments.

After introducing personal bank to the nation in February 2021, HSBC Thailand launched its upstream asset management division in September 2022. According to him, the lender has been successful in expanding the business segment.

Thailand is one of many nations and industries in the region where foreign direct investment ( FDI ) has increased. One-third of Thailand’s outbound FDI comes from Japan.

As many of China’s businesses are moving their manufacturing facilities to Thailand, China, which ranked second in terms of FDI next year, will play a bigger and bigger part in funding.

Thailand has attracted FDI in a number of sectors, but particularly in manufacturing, Vehicle production, kindness, care, and agriculture.

Additionally, HSBC Thailand wants to maintain its position as the industry leader for northbound foreign trade.

Based on the potential for growth in both the Thai and regional markets, the institution attained its position of leadership.

Asean, however, continues to be the fastest-growing trade bloc in the world, providing both businesses and investors with considerable wealth and trade opportunities.

We have ambitious development plans here because Thailand is a nation where we see great potential to grow and grow our business, according to Mr. Gamba.

With revenue increasing 28 % and profit increasing 55 % year over year, HSBC Thailand announced an impressive performance in 2022, setting a record high for the same period. To achieve these extraordinary rates of growth, it is essential to build strong relationships with customers, workers, and the larger group.

Additionally, the bank will keep funding its current operations, which include general bank, market and securities services, and private banking by investing in people, online infrastructure, among other things.

According to him, HSBC Thailand has finished a capital increase in response to the rise of local businesses.

The state method of HSBC was created concurrently with Thailand’s regional development strategy.

Global connection is the bank’s main business strategy for assisting business clients in investing and growing globally thanks to its extensive network and level of investment expertise.

The lender focuses on assisting clients in growing their businesses in the major financial hubs of the world, particularly in China, the US, Europe, Asean, and the Middle East.

In 42 states, the lender assists Thai users in expanding their businesses.

According to Mr. Gamba, HSBC Thailand has outlined a bold plan to prioritize sustainable funding and investment in order to support the transition to an net-zero world economy.

Thai clients are also encouraged by the bank to plan their portfolios and raise money for green investments.

After achieving$ 21 billion in 2022, the banks pledged to offer$ 1 trillion in green investments and financing by 2030.

2023 Bangkok Post CEO

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PTTEP looks to a more sustainable future

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Although CEO Montri Rawanchaikul is aware of the financial need for reliable energy sources, he promises that the company will generally keep the environment in mind.

One of PTT Exploration and Production Plc’s( PTTEP ) main goals, according to Chief Executive Officer Montri Rawanchaikul, is to find ways to lessen the environmental impact of its operations, particularly by lowering carbon dioxide emissions.

At PTTEP, Mr. Montri has been a driving force behind efforts to cut carbon dioxide emissions and open the door for environmentally friendly methods.

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  • PTT Exploration and Production Plc’s CEO, Montri Rawanchakul

Mr. Montri acknowledged that the company still needs to find enough energy to support the Thai business, but he cautioned against ignoring the environmental impact of this effort.

Mr. Montri has assisted the company in promoting projects to reduce carbon dioxide emissions, looking for new alternative & nbsp, energies, and paving the way for operations to be more sustainable as someone who sets policies and strategic plans for PTTEP.

One such initiative is creating Thailand’s first carbon capture and storage ( CCS ) facility at the Arthit gas field in the Gulf of Thailand, one of many initiatives to assist the government in reducing carbon dioxide emissions.

According to Mr. Montri, the CCS project is in line with the company’s efforts to combat global warming as well as the environmental, social, and corporate governance ( ESG ) principles, which support business growth and environmental and societal preservation.

A set of requirements known as ESG is said to be capable of promoting business sustainability.

According to Mr. Montri,” we anticipate the CCS job to keep up to 1 million kilograms of carbon dioxide during oil output at Arthit within 2027.”

The project’s initial front-end engineering and design period has already been finished by the business. The CCS ability is anticipated to begin operations by 2027.

Because the ground in the Gulf of Thailand is a fall area, which is suitable for the storeroom of carbon dioxide, there is significant potential to save it, amounting to about 40 million tonnes per year.

According to Mr. Montri, PTTEP is also working with five French and North Korean businesses to produce clean hydrogen in Oman.

Water molecules are broken down into oxygen and hydrogen using electricity generated from solar energy to produce clean hydrogen, which is used to fuel manufacturing and power generation processes.

This task demonstrates that the business is not just interested in the exploration and production of gas; it is also looking for fresh ways to develop new sources of energy.

PTTEP and its partners received a 47-year yielding to produce clean hydrogen at Block Z1 – 02 in Dugm, eastern Oman, as part of an agreement they made with Hydrom Ocean SPC, an entity that is governed by the OMAN state.

With an estimated 220,000 tonnes of hydrogen produced every, the manufacturing facility, which will run on 5 gigawatts of solar and wind energy, is scheduled to open in 2030.

These two initiatives show that PTTEP is putting more of an emphasis on its businesses’ environmental concerns, which will help the authorities successfully launch a battle to combat global warming.

Thailand declared at the 26th UN Climate Change Conference, held in Glasgow in 2021, that it is committed to achieving carbon neutrality— a balance between carbon dioxide emissions and absorption — by 2050 and a net-zero target of balancing emissions of greenhouse gases and absorbtion by 2065.

In accordance with the EP Net – Zero 2050 principle, PTTEP also has a program that aims to reach net-zero levels by the end of the year.

According to Mr. Montri,” The CCS and clean hydrogen projects will help PTTEP’s economic efforts, promoting a low-carbon society in Thailand and the rest of the world.”

In the future, PTTEP’s work may be heavily reliant on increased environmental protection.

According to Mr. Montri,” The company will continue to increase its investment in natural gas production, but at the same period, it will also add the greenhouse gas emission issue into the decision-making process of fresh gas projects.”

Federal strength security is crucial to sustaining the nation’s economy, but it must be developed sustainably, which will be made possible by better economic management, he said.

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BYD blowing by Japan for Thailand’s EV market

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As the two auto-making companies increasingly compete head-to-head for developing Asian industry, the Taiwanese electric vehicle juggernaut BYD is expanding its reach in Thailand, challenging Japan’s long-standing potency of the local car market.

According to Autolife Thailand, BYD only just entered the Thai automobile market in July 2022, but it already sells more than a third of electric vehicles and on 4 % of all new vehicle sales.

The best three businesses in Thailand are still Toyota, Isuzu, and Honda, but BYD is at the top of the list of EV manufacturers, representing the future of automobiles. BYD has surpassed four smaller Japanese rivals— Nisa, Mitsubishi Motors, Mazda, and Suzuki — in terms of the total number of vehicles sold in Thailand.

The fall of BYD in Thailand is a result of aggressive sales and marketing strategies. Rever Automotive, which has close ties to the Thai auto industry giant Siam Motors, has been given special dealership rights.

Rever offers a comprehensive support package and is apparently convincing dealers of lesser-known Japanese brands like Suzuki and Mazda to move to BYD.

Design comparisons are difficult, but the BYD ATTO 3 is said to be selling for US$ 30 000 to$ 33 000 in Thailand, compared to$ 43, 000 or more for the Nissan Leaf,$ 50 000 for Toyota bZ4X, and roughly$ 47, 500 for Tesla’s Model 3.

The smaller BYD Dolphin is being sold by Rever for just under$ 20,000, while the larger version is going for about$ 36, 000. Lately, Thailand’s top-selling EV was the ATTO 3.

Regional power scheme plays a significant role. The Thai government wants 30 % of all cars produced in the nation to be electric by 2030. Thus far, the Chinese have seized that chance while the Japanese have no.

The proportion of EVs in full Thai car sales has increased from about 1 % in 2022 to more than 10 % then, helped by incentives.

As part of a plan to help Thailand’s” natural coming,” Prime Minister Srettha Thavisin drove in the BYD Seal at the beginning of October. Chinese Vehicles hardly make an appearance in Thai auto industry statistics, according to Japan’s Nikkei newspaper, which stated that” it was symbolic that the vehicle was a Chinese-made one, not one from Japan.”

Data from Thailand’s Department of Land Transportation revealed earlier this year that battery-powered electric vehicles( Vehicles) from BYD were outselling Nissan vehicles by a margin of more than 50 to 1.

Nissan came in tenth place, SAIC( MG ), Great Wall Motors, Hozon and Geely( Volvo ), Tesla, and, toward the bottom of the list, BMW( including Mini ) and Porsche. BYD finished first in BEV registrations.

BYD began construction on a factory in Thailand in March of last year to make electric vehicles for export to Europe and another ASEAN nations.

It will have a power of 150,000 cars annually, or roughly 10 times as many as the business sold in Thailand during the first eight months of this year, and is located in the Eastern Economic Corridor of Thailand. In 2024, output is expected to start.

The groundbreaking meeting for the Thai stock of BYD. Photo: Twitter

Thailand now houses the Great Wall Motors and SAIC factories in China. Starting next time, GAC Aion, Hozon Auto, and Changan intend to join them.

The wave of Chinese investment will help Thailand maintain its status as Southeast Asia’s auto-producing hub— once known as the” Detroit of Asia”— and give Japan a wake-up call not only in Thailand but also in Indonesia, Malaysia, and other parts of the region.

The Japanese have no choice but to decline without making a quick and significant switch to electric cars after working for years to increase market shares of internal combustion engine vehicles to as high as 90 % in Southeast Asian nations.

According to data from the Japan Automobile Manufacturing Association( JAMA ), 80 % of the 2.8 million vehicles sold in ASEAN in 2021 were passenger cars, trucks, and buses produced by its members. According to more new information, Japan’s market share has since decreased to about 75 % as Hyundai Motor has grown in Southeast Asia as well.

The Japanese must protect a sizable manufacturing base in Southeast Asia. According to JAMA, more than 50 Chinese factories in ASEAN produced just over three million vehicles in 2021.

Of these, 48 % were produced in Thailand, 35 % in Indonesia, 11 % in Malaysia, and the majority in the Philippines and Vietnam. More than a third of the cars produced in Thailand were exported in 2021.

The jobs and supply chain infrastructure that the Chinese auto industry supports is strongly supported by all of these nations. Does the Japanese react quickly enough to prevent losing another sizable portion of the market is the question at hand.

Suzuki in India

In India, where Suzuki Motor plans to convert its company, Maruti Suzuki, into its global EV manufacturing base, the situation is very different.

The enormous potential of the American marketplace, Maruti Suzuki’s hegemonic market share in the nation, and an estimated 20 % lower cost of production than in Japan are all aspects in favor of this choice.

Maruti Suzuki sold just over 40 % of the passenger car market in India in 2022, according to the Federation of Automobile Dealers Associations.

Following it were Hyundai Motor at 15 %, Tata Motors at 14 %, Mahindra & amp at 9 %, Kia, Hyundai, Toyota Kirloskar, and Honda, respectively.

After China and the US, India is currently the third-largest vehicle market in the world. New four-wheeled automobile sales in India increased 28 % to 4.85 million units in the year to March 2023, surpassing the country’s 4.39 million profits, which fell to fourth place.

On an assemblage range in Manesar, Haryana status, workers outfit Maruti Suzuki Swift vehicles. Asia Times Data / Agency image

Similar to Thailand, the American market for electric vehicles is currently expanding. About 15, 000 four-wheeled electric cars were sold in the six months leading up to June 2023, or less than 1 % of India’s general auto industry but up six days year over year. The Indian government wants EVs to account for 30 % of new car sales by 2030, just like in Thailand.

More than 2.7 million electric vehicles( EVs) are found on Indian roads, but almost all of them are two – and three-wheelers, such as rickshaws, bikes, and scooters. In the first half of 2023, Tata Motors, Mahindra & amp, Mahindra, and SAIC( MG ) were the top four-wheeled electric vehicle ( EV ) sellers in India. A dozen cars were also sold by Hyundai, Kia, BMW, Citroen, and BYD.

In the second quarter of 2024, Maruti Suzuki intends to begin producing electric vehicles, with Japan’s export anticipated to begin in 2025. Export to Europe are anticipated to observe, possibly through a partnership with Toyota.

By 2031, Maruti Suzuki plans to increase its annual production capacity from 2.25 million to 4.0 million vehicles, 60 % of which will be battery-electric vehicles( EVs ), 25 % hybrids, and 15 % powered by alternative fuels like gasoline-ethanol blend flex fuel and compressed natural gas.

A new shop in Kharkhoda will produce roughly 1.0 million of the 4.0 million automobiles. Maruti Suzuki, an supplier for more than 30 years, then transports gasoline-powered vehicles to about 100 nations in Asia, the Middle East, Europe, Latin America, and Africa.

The company exported more than 40 % of its total to Africa last year, up about 60 % to 116, 000 units. The Chinese will probably get a run for their money as Vehicles are likely to follow.

Follow this author on Twitter at @ ScottFo83517667.

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